Mission Wealth Management LP Has $7.26 Million Stake in Bank of America Corporation $BAC

Mission Wealth Management LP trimmed its stake in Bank of America Corporation (NYSE:BAC) by 1.4% in the second quarter, HoldingsChannel.com reports. The firm owned 153,444 shares of the financial services provider’s stock after selling 2,124 shares during the period. Mission Wealth Management LP’s holdings in Bank of America were worth $7,261,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Boston Common Asset Management LLC boosted its position in Bank of America by 10.5% during the second quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock valued at $12,288,000 after acquiring an additional 24,740 shares during the last quarter. Disciplined Investments LLC bought a new position in shares of Bank of America during the 2nd quarter worth about $217,000. Nicholas Hoffman & Company LLC. boosted its position in shares of Bank of America by 121.0% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares in the last quarter. Sunbeam Capital Management LLC boosted its position in shares of Bank of America by 7.3% during the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares in the last quarter. Finally, CCG Wealth Management LLC bought a new position in shares of Bank of America during the 2nd quarter worth about $287,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 1.0%

BAC opened at $53.55 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $53.64. The firm has a market capitalization of $396.63 billion, a PE ratio of 14.59, a P/E/G ratio of 1.99 and a beta of 1.33. The company’s 50-day moving average is $51.03 and its 200 day moving average is $47.02.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The company had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same quarter in the prior year, the business posted $0.81 EPS. The firm’s revenue was up 10.8% compared to the same quarter last year. As a group, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio (DPR) is 30.52%.

Bank of America announced that its board has approved a stock buyback plan on Wednesday, July 23rd that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BAC shares. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Royal Bank Of Canada increased their price objective on shares of Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of America in a research report on Thursday. Dbs Bank raised shares of Bank of America to a “moderate buy” rating in a research report on Wednesday, October 22nd. Finally, Piper Sandler increased their price objective on shares of Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.59.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.